Commodity Corner
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U.S. oil drilling slumps, domestic production at risk
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A slump in U.S. oil drilling activity due largely to weak prices could thwart the Obama administration’s goal of cutting crude imports by putting a dent in future production, analysts have said. Below are graphs showing the decline in the number of rigs actively drilling for oil.
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Inspite Of such a drastic fall from Nov Crude Oil supplies are actually up.
Things must be really slowing down!!!!!
You should poll how everybody is reacting to this: 1) Confirmation bias of the bear mkt 2)bullish signal for at least technical bounce.
So far oil price says 2).
It’s going to take a couple of months before the lower production is felt by the market.